Key recommendations
Li Jizun of the China Securities Regulatory Commission: The intensity of delisting is unprecedented. The number of delisted companies in the past two years is twice the sum of the previous six years
National Equities Exchange and Quotations Corporation Xie Geng: Deepening the reform and innovation of the New OTC Market
Market Comments
Market Comments: Securities firms made changes in the afternoon, and the index decline narrowed
Coal Mining and Processing Industry: Thermal Coal Prices Rise Drives month-on-month improvement in performance, optimistic about the valuation recovery of coal stocks
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Futures Intelligence
Metal energy: Gold 402.92, down 0.66%; Copper 52200, down 0.46%; Rebar 3651, down 0.05%; Rubber 14875, up 0.44%; PVC index 6745, up 0.07%; Zheng Chun 2084, down 0.33%; Shanghai Aluminum 14725, down 0.24%; Shanghai Nickel 119830, down 0.44%; Iron Ore 793.5, down 0.38%; Coke 2142, up 0.26%; Coking Coal 1364.0, up 0.22%; Brent Oil 42.44, rose 1.70%; glass 1712, rose 0.35%; LPG 3720, rose 0.03%; rubber sheet 193.25, fell 4.99%; soda ash 1632, rose 0.12%; PP 7717, fell 0.61%;
Agricultural products: soybean oil 7170, up 1.99%; corn 2577, up 0.08%; palm oil 6150, up 2.30%; Zheng cotton 14630, up 0.86%; Zheng wheat 2716, down 1.42%; sugar 5356, up 0.87%; Apple 7962, down 1.53% ; Red dates 10060, down 0.49%; Dou Yi 4730, up 0.04%; Rapeseed 5402, down 2.28%;
Exchange rate: EUR/USD 1.1819, down 0.35%; USD/RMB 6.6722, up 0.44% ; USD/HKD 7.7501, down 0.00%.
(The above futures data come from Shanghai Futures Exchange, Dalian Commodity Exchange, Zhengzhou Commodity Exchange)
Key recommendations
1. Li Jizun of China Securities Regulatory Commission: Retire The intensity of listing has been unprecedented. The number of delisted companies in the past two years has been twice that of the previous six years.
On October 22, at the 2020 Financial Street Forum Annual Meeting, Li Jizun, director of the Market Department of the China Securities Regulatory Commission, said that the capital market The construction of basic systems has made breakthrough progress, and the entire market is undergoing profound changes. For example, the inclusiveness of scientific and technological enterprises will be enhanced, and listings will be more efficient, transparent and predictable. He also said that the current delisting intensity is unprecedented, which promotes the survival of the fittest in the market. According to statistics, since last year, 24 listed companies have been forced to delist, which is twice the total of the previous six years.
Source: Securities Times Network
Comment: In the past two years, the number of listed companies delisting has been twice that of the previous six years combined. The risk of investing in junk stocks with poor fundamentals is significantly greater than a few years ago. Blue-chip white horse stocks have received significantly more attention, and fund investment has gradually increased in the investment choices of ordinary investors. The trend of junk stocks being marginalized and blue-chip white horse stocks and growth stocks being sought after is expected to continue in the future.
(Investment consultant? Cai Jin? Registered investment consultant certificate number: S0260611090020)
2. Xie Geng of National Equities Exchange and Quotations: Deepening the reform and innovation of the New Third Board
On the 22nd, Xie Geng, chairman of the National Equities Exchange and Quotations Corporation, introduced the working ideas of the New Third Board’s continuous reform to serve small and medium-sized enterprises at the Financial Street Forum. He said that this reform only established the New Third Board as an exchange platform under the framework of the new securities law. , the basic institutional framework of the open market, facing the opportunities and challenges of the capital market serving the innovative development of small and medium-sized enterprises, the reform and innovation of the New OTC Market will be a continuous deepening process.
Xie Geng said that the National Equities Exchange and Quotations will introduce mixed trading and margin trading systems to further optimize the number and structure of investors and improve market risk management tools; it will continue to optimize the financing M&A system and enrich financing M&A tools. Efforts will be made to improve the efficiency of financing and mergers and acquisitions, reduce costs, and enhance regulatory transparency; continue to improve the information disclosure regulatory system for vertical levels and horizontal industries, optimize the market exit mechanism, and consolidate the company quality foundation for sustained and stable development of the market; accelerate the implementation of the board transfer system, and build Create organic connections between multi-level capital markets and reduce market selection costs; lead the improvement of service efficiency through the application of science and technology, and continue to enhance the sense of gain for market entities.
In terms of incremental reform, Xie Geng said that he will actively promote the registration-based reform of the New OTC Market and take the registration-based reform as the main line and optimize the system in accordance with the principles of "system building, non-intervention and zero tolerance" The market-based institutional system makes the New OTC Market's system for serving small and medium-sized enterprises more stereotyped and distinctive.
Source: Shanghai Securities News
Comment: Accelerating the implementation of reform measures such as the board transfer system will help improve the valuation of companies listed on the New Third Board. It is expected that listed companies and securities firms whose main business involves venture capital are expected to benefit, and related stocks may have opportunities for active performance in the short term.
(Investment Consultant? Cai Jin? Registered Investment Consultant Certificate No.: S0260611090020)
Market Comments
1. Market Comments: Securities firms moved in the afternoon, and the index closed with a decline Narrow
The market indexes in the two cities fluctuated and adjusted on Wednesday, and the total market transaction volume was slightly larger than that on Tuesday. Specifically, the Shanghai Stock Exchange Index closed down 0.09% to close at 3325.02 points; the Shenzhen Component Index fell 1% to close at 13467.9 points; the ChiNext Index fell 1.46% to close at 2700.53 points.
On the market, insurance and banking stocks performed relatively strongly. Internet celebrity economic concept stocks, sub-new stocks, vaccine concept stocks and photovoltaic concept stocks all had strong activity in the market. GEM stocks generally adjusted. Judging from the trend, the index has recovered after two consecutive days of decline. The market is still in the stage of gaining momentum before rising and is expected to continue to rise after experiencing short-term shocks.
In terms of operation, hot spots are rotating rapidly at this stage. It is not recommended to chase stocks with large gains on the day and avoid stocks with high stagnation; in terms of opportunities, it is recommended to continue to pay attention to the Apple industry chain and institutions with expectations. Deeply involved in the new energy vehicle sector, low-valuation cyclical sectors and financial stocks.
(Investment consultant Yang Dong? Registered investment consultant certificate number: S0260615080007)
2. Coal mining and dressing industry: The rise in thermal coal prices has led to month-on-month improvement in performance, and we are optimistic about the restoration of coal stock valuations Quotes
National coal production: The supply from producing areas across the country is generally tight, and Inner Mongolia has significantly restricted production and reduced production. In the first three quarters of 2020, the country's cumulative raw coal output was 2.79 billion tons, a year-on-year decrease of 0.1%. The tight supply is mainly due to policy restrictions on production in Inner Mongolia due to coal management invoices and other policies. Coal import: Policy restrictions are strict, and import volume fell sharply in the first three quarters. As of September 2020, the cumulative value of national coal imports was 239 million tons, a year-on-year decrease of 4.45%. Coke production: National production has declined year-on-year, and Shandong has significantly reduced production capacity due to overcapacity reduction. In the first three quarters of 2020, the country's cumulative coke production was 350 million tons, a year-on-year decrease of 0.9%. Among them, the cumulative year-on-year decrease in Shandong Province from January to August 2020 reached 32.5%. Thermal coal prices rose sharply month-on-month but fell slightly year-on-year. The average price of Qingang thermal coal in the third quarter fell by 2.6% year-on-year and increased by 10.9% month-on-month. Prices in Shanxi, Shaanxi and Inner Mongolia increased by 6.5%, 3.1% and 12.3% respectively month-on-month. Coking coal prices fell both year-on-year and month-on-month. The main coking coal price of Jingtang Port was -16.1% year-on-year and -3.3% month-on-month. The average price of origin was -18.1% year-on-year and -3.1% month-on-month. Coke prices rose month-on-month, and the price difference between coal and coke widened significantly. In the third quarter, coke companies launched several rounds of price increases. Coke prices fell by 2.6% year-on-year in the single quarter and rose by 6.4% month-on-month. The price gap between coal and coke widened.
(Source: Kaiyuan Securities).
Comment: The rise in thermal coal prices in the third quarter led to a quarter-on-quarter improvement in the performance of related listed companies. Compared with the improved performance of coal companies, the current low valuation characteristics of the coal sector are still obvious. In addition, the Australian coal import ban and the "La Ni?a" phenomenon in the coldest winter have had a positive impact on the coal sector, and we continue to be optimistic about the valuation restoration of the coal sector.
(Investment consultant Yang Dong? Registered investment consultant certificate number: S0260615080007)